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20121201
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it is to go over the fiscal cliff when senators barack obama, senator joe biden, senator harry reid in 2006 all turned down w's request to raise the debt ceiling . >> the fiscal cliff was born in 2011. >> he didn't like it then but he wants today. he wants carte blanche today. >> let him answer, rick. >> i listened to you. please listen to me. i know that's not easy for you. >> okay. >> but please listen to me. >> not easy because you don't say anything consistent. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't beli
to come sooner or later. barack obama's put us on a path that's going to make that happen sooner, but both parties are guilty of spending money we don't have. we eve got to make major cuts in the spending. it's not about taxes. it's about outrageous spending that's going to lead to a total collapse of our economy if we don't stop spending. we need to make the cuts. >> where's the most egregious spending? specifically what are you referring to? where's the most egregious spending? >> two examples, right now today in the department of education the average salary of the bureaucrats is $102 per bureaucrat. that's over twice what teachers all across the country makes. >> wow. >> another example is when this recession started there was one bureaucrat in the u.s. department of transportation that made over $170,000 a year. 18 months later, under this administration, there are 1,690 bureaucrats that make over $170,000 a year. we've got to stop that kind of spending, and both parties are guilty. >> hmm. >> you know how it works, sir. congress is in such a state of disfunction right now. they are l
. a smart way to help manage hunger and diabetes. >>> as we speak, congressional leaders and president obama are meeting at the white house as they work on last-minute negotiations to try to avoid the fiscal cliff. our eamon javers also reported just moments ago that treasury secretary timothy geithner is at the meeting as well. we're going to monitor that situation for you, and, of course, bring you all the latest developments on that. in the meantime, oil is up for the week, but ending on a down note today. cnbc's bertha coombs is at the center of all the action at the nymex. >> reporter: we're seeing oil back fractionally positive at this hour with thoseeadl crossing, but overall it was a somewhat down day after we got a disappointing report from the eia inventories delayed because of the christmas holiday. it was a smaller than expected drawdown in crude stocks, and also notable. we saw a $2 million barrel build when it came to crude stocks at the nymex hub in oklahoma. now at a record 49 million barrels to end the year. ironically we do have wti nymex up for the week, and it's actually
at those stocks go. president obama saying a fiscal cliff agreement is quote, in sight. mitch mcconnell moments ago saying quote, we are very, very close. >> to d.c. and john harwood. he and eamon have been monitoring all day. why are we close but not there yet? what's left, john? >> what's left is the agreement between the two parties on delaying those automatic across the board defense and domestic budget cuts which nobody wants. they deliberately set up so they wouldn't take place. democrats want to defer those for a year. republicans say we're only going to put them off to the extent you can find budget cuts that match the amount that the sequester would have been. now, the republicans are offering two or three months, 60 or 90 days and suggesting cuts. but democrats have not agreed to that. which is why the deal has been held up. even though the main portions of the tax element have fallen into place. and i'll recap what those are. a higher clinton era top rate of 39.6% for individuals above $400,000 income, couples above $450,000 income. capital gains and dividend rates goi
we want to let you know. president obama is set to make a statement on this tragedy from the white house around 3:15 eastern. our john harwood is in washington with some more details on what we know right now. john? >> reporter: well, bill, the horror of this tragedy is also muted talk of anything else in washington for the day, including the fiscal cliff and all the issues that we've been discussing for some time now, but one of the jobs of a president is to console victims and to console the nation at a time of grief of this magnitude, so we're going to hear from the president at 3:15. jay carney earlier saying he wasn't going to discuss issues like gun control. it wasn't a day for politics. it's a day to focus on the victims of the tragedy, so you can expect the president is going to focus his remarks on the victims and what happened in connecticut and the attempt to figure out how it happened, why it happened. we'll hear from him at 3:15, and we're going to bring that to you, and we'll talk about it afterwards. >> all right, john, thank you very much. of course, we often talk a
to the senate and said that president obama and harry reid have to work out a solution. harry reid kicked the can right back and said what the house ought to do is pass the bill the senate passed. >> if republicans want to assure american families taxes don't go up on january 1st, they should simply pass the senate bill. >> now, i think in reality, guys, that solution is about as likely as plan b. you've got to have democrats and republicans talking and i think the question now is going to be in talks over the weekend and next week, do we get either a medium to large deal resurrecting the deal that obama and boehner almost struck earlier this week or do you get a small deal that simply delays everything for a month while they continue hassling? not a pretty picture at this point. >> joining us, rob mcguyver of the gemson quality growth fun, troy, rick santelli is with us in chicago, as well. troy, what do you think? how do you invest? do you even bother to try and invest right now into 2013 with all that's going on in washington? >> if there's anything you're in right now that is sfend de
-term fiscal cliff deal done. we heard president obama on friday handed what we might call a bare bones plan c ahead of january first. extension of the bush tax cuts for those making $250,000 or less and an extension of unemployment benefits. while it could be a quick turn-around from that hawaiian vacation for president obama and congressional leaders, expectations they could be back in washington later this week, all eyes now on the senate where republicans are split on whether it's possible to make a deal with the obama white house. >> the president's statement is right. no one wants taxes to go up on the middle class. i don't want them to go up on anybody. i'm not in the majority of the united states senate. he is the president of the united states. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military which democrats have been calling for for years. and he gets to blame republicans for
-on-one meeting with president barack obama. we don't know what they said, and we're in the era now of parsing every single word they do say publicly. nancy pelosi was out before cameras, although it's hard to get a lot of indication of what's going on with had statement. take a listen. >> the only obstacle standing in the way of middle income tax relief are the republicans unwillingness to ask the top 2% to pay their fair share. >> and if you listened carefully to speaker john boehner, he did say that there was no progress to report, but he may have been hinting a little bit of where there's some room for a deal here if the president will just meet him maybe not even halfway. listen to the speaker. >> there are a lot of things that are possible to put the revenue the president seeks on the table, but none of it's going to be possible. the president insists on his position, insists on my way or the highway. that's not the way to get to an agreement. >> so where are we now? i think we're basically at a point where speaker boehner might be willing to cave a little bit here, but he needs somethin
to the deal came today with speaker boehner going for another meeting with president barack obama. he did not answer reporters' questions. we don't know exactly what was said in that meeting, but we know boehner has proposed new tax revenue of up to $1 trillion and agreed to the idea of raising tax rates in order to do that including on those folks making more than a million dollars a year. at the white house jay carney was asked whether the president's going to stick to his $250,000 a year threshold for tax increases. carney kind of wiggled around that question, didn't pin himself down. gives you the sense bill and maria we are talking about a negotiation that is moving hot and heavy here behind the scenes. we'll have to wait for further developments from here on out. >> we'll be watching that. thank you very much. now lee munnson, gordon cherlop, anne rick santelli. let me kick off with you. as a guy who's got to put money to work, what's your take on the latest maneuverings out of washington? does this make you more bullish? >> well, it does, but i'm really shocked. if i were a politic
into the close. one point of agreement. president obama agreeing with republicans to tie social security benefits to a more accurate measure of inflation which will effectively slow the growth benefits. our next guest says that could be a deal-breakner talks to avoid the cliff. representative charlie raquel and donna edwards ahead. >> and medicare is paying as much as back braces like this than they should be paying. before we cut spending and taxes, should we be focus on eliminating waste and abuse? >> instagram, the latest battle royale and backlash is intense so stay with us. [ male announcer ] with wells fargo advisors envision planning process, it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid
, that one day that you actually have president obama and boehner come out on the white house lawn saying they're announcing some kind of a deal, you're probably going to see a sharp rebound on the back end of it. you certainly don't want to miss out. >> jeff, what's the third thing you do? buy cans of tuna fish? >> no, i think you have to watch it. the one thing i would disagree with is i don't like dividend payers right now. i think this idea of rushing to these special dividends could come back to actually backfire on some of these companies if they're not putting their cash to good use. it's almost like they're trying to bar the door to keep investors from going out. i'm a little afraid there. i'm also afraid of munis here. on the back end of this, there's a good chance munis could lose their tax-exempt status. that could cause some problems. they've had great run here. i think they're very susceptible to talks coming from the fiscal cliff. >> i think if they took the tax-exempt status away, we'd all be in trouble. >> then what do you do? >> it's a horrible thing as far as local gover
owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a live interview with on
and evolving story. >>> also, the ceo of accounting giant recently met with president obama. he say miss other ceos in that meeting agreed the tax rates for the wealthy have to rise as part of any fiscal cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central
, you should be taxed when you make them. the obama administration had a pretty good proposal to crack down on this stuff back in 2009. never went any place. and that's not surprising given how much money is raised from google. >> what i would say is it is their fiduciary duty to pay a low tax rate. that's what the law says. that's what they have to do. i believe that's what they are doing in this case. >> you know, they talked in the past in washington about a moratorium of some kind to allow companies to repatuate the funds they have overseas. would that satisfy what you're talking about here? >> no -- we need real systemic reform. fiduciary responsibility. google has a brand as one of the good guys. if irt starts to tarnish that brand, that's bad for shareholders long-term. and i think this tarnishes its brand. >> what if we saw a lowering -- it's not on the table obviously. but in theory land, what if we saw a lowering of the corporate tax rate? would that bring an end to this? >> i don't know if it's necessarily a lowering of the actual rate. what is called for is simplifying the
obama did not weigh in on the issue, but he was -- he did win re-election. if the president were to call you and say, ben, your country needs your continued stewardship at the federal reserve. we need you to stay and finish the job, see this through, would you consider it? would you do it, and by chance have you had any conversations to that effect with the president or anybody on his team? thank you. >> so to answer the last part, no, i haven't had any conversations. i think the president has got quite a few issues he needs to be thinking about from fiscal cliff to many other appointments and so on. from my own perspective i just -- i really don't have anything to add from the last press conference. i'm very much engaged in this difficult issue that we're discussing today, and i have not been spending time thinking about my own future, so i -- i don't really have anything to add there. >> okay. we'll go to kevin and then katherine and then back over here. >> over here, mr. chairman, thank you. two questions, taking the goldbarb rule into effect, one having to do with the cpi, a lot of d
as president obama was elected, we started talking about the need to do something with the long-term financial security of this country. compromising takes courage. walking away, as they have done is so easy. >> now what reid was referring to there was a plan "b" option laid out this morning by speaker john boehner here on the house of representatives side of the capitol saying if we can't get a big deal with the president negotiated in time, we're prepared to move some legislation that would extend the bush tax cuts for everybody making less than $1 million a year. that he said was plan "b" for republicans, and he and his aides emphasized that they are not in fact walking away from a deal. they say they are still negotiating, but they just have to have something ready in case of emergency, in case they get up to that deadline and can't get to the deal. now the next development we're waiting for here in the capitol building is 5:40 this evening. all house republicans will gather in another conference meeting, and they will talk about this plan "b" and will talk about scheduling details from no
ourselves in, and the last night president obama called myself and the speaker and maybe others from hawaii and asked if there was something we could do to avoid the fiscal cliff. i would say we're frustrated because we've been asking the president and the democrats to work with us on a bipartisan agreement for months. literally for months, a plan that would simplify the tax code and shrink the deficit, protect the taxpayers and grow the economy. democrats consistently rejected those offers. the president chose instead to spend his time on the campaign trail. this was even after he got re-elected and congressional democrats sat on their hands. now republicans have bent over backwards. we stepped way, way out of our comfort zone. we wanted an agreement, but we had no takers. the phone never rang, and so now here we are five days from the new year, and we might finally start talking. democrats have had an entire year to put forward a balanced bipartisan proposal, and if they had something to fit the bill, i'm sure the majority leader would have been able to deliver the votes the president wou
Search Results 0 to 16 of about 17

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